Shell Oil President Odum on Why Uncle Sam Matters

11/30/2012 10:04AM

When filling up your gasoline tank in the next few years, Royal Dutch Shell wants you to know that they're working to increase the share of the fuel pumped out of Uncle Sam's back yard. Shell Oil Co. President Marvin Odum sees Royal Dutch Shell's presence in the U.S. as a selling point for investors. Photo: Getty Images.

This transcript has been automatically generated and may not be 100% accurate.

... I ... this huge LC with MarketWatch were joined by Shell oil President Martin autumn here in the flats global energy outlook ... thanks for joining us when ... yesterday so one of the big things is buzzing in the energy sector right now is the International energy agency's projection that the United States might surpass Saudi Arabian oil production by twenty twenty ... not Dish austerity that optimism that the US is going to really surgeons production and in what was Shell's part can that be you know I think the ... important point statements of resources exist or are ... an existing U S ... so that's the restart there's no lawyers no gas tanks to reach those ... milestones ... the question really becomes one of the policy mechanisms for and permanent mechanisms ... allow production to be the duty developer up once the energy policy you scored ... but on the U S oil production peaked in around nine million barrels a day in nineteen seventy ... it did after a long time it's actually been on the rise a little bit ... cheesy Shell's production of oil equivalent production ... on increasing our target so this is been a very heavy in our world ... that's right so ... we've never been busier in the Gulf of Mexico ... were renting out ... in a very significant way on short involvement in the U S ... and we started exploring offshore Alaska ... so the answer is yes this is a very important area for us ... we expect production to be right ... did you see I did you see it until you have enough employees right now to do the job or even the hiring more people ... deal with the non Aryan trend for the last five or six years were talking about thousands of people here ... mostly technical people people that go into deep deep into this business of making this kind of production happen ... um and we haven't had a lot of trouble finding those people so ... I think a longer term since there are severe stress in the U S market there's extra stress in the world in terms of having enough ... people with the right education to fill these jobs ... but for right now we're we're finding what we ... saw this year says they had five or ten years from now if filling their gas tanks ... for more than gas in your gas tank becoming from say United States and Canada and then now and why should investors be the care of ... yet well I think you know if you're if you're in this country there's couple was looking to investor ... and someone living in this country and to think about the security of its comforts of a star on that side ... more news to homeowners to make sense bow for a stronger economy share all that makes concessions ... I think from a pram investor standpoint which you can she say ... no this is reason will be upright be reasonably ... low-cost boiling gas to go after ... what's attractive from a teleported you ... it's a very stable or in the world has seen a reasonably good fiscal framework to produce ... a way to ensure its ... own citizens not the best stars in a way to ... Sunday from those from the standpoint these are quality investments ... investor should it ... and in series A Wall Street does care about U S energy independence a mean you know Wall Street as the prophets the design of the rationing because other on the radar screen for Wall Street for The Wall Street probably does care strong country ... and there's an aspect of producing your own resources that deftly play into that right but I think the real question you have to come out and start the is ... economically competitive projects go after ... an answer is yes or ... an Alaska emotion Alaska earlier I guess Shell is investigating reports that the shells invested the four point five billion ... dollars so far in offshore Alaska ... on EUV has sustained us and drilling operations there in the fall give us an update on that and what are your feelings on isn't it worth all the money motive Nucor messages we started expiration last ... after several decades write to me ... so you know the we think the size of the prize though there is deftly worth the effort and money we wouldn't have ... been ... restarted expiration growing in two thousand and twelve ... Dell in two thousand and thirteen or expectations continue the program ... drill down into these undercover racehorse Terminal toilet years this is par for exploration ... the outcome of that will determine when and how fast we were four with the development ...